UNIS(SZ:000938) Zhongyuan Securities·2024-11-04 09:16Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected increase of over 15% relative to the CSI 300 index in the next six months [1][10]. Core Views - The company is expected to benefit from product upgrade demands driven by AI and has opportunities for market expansion overseas [3]. - The completion of the acquisition of a 30% stake in New H3C is anticipated to enhance the company's earnings by approximately 1.02 billion yuan annually [1]. - The company reported a revenue of 588.39 billion yuan for the first three quarters of 2024, reflecting a year-on-year growth of 6.56% [1]. Financial Performance Summary - For Q3 2024, the company achieved a revenue of 138.38 billion yuan, a year-on-year increase of 10.01% [1]. - The net profit attributable to the parent company for the first three quarters was 15.82 billion yuan, up 2.65% year-on-year [1]. - The gross profit margin for Q3 was reported at 14.97%, a decrease of 4.14 percentage points compared to the same period last year [1]. - The company’s EPS for 2024 is projected to be 0.87 yuan, with expected growth to 1.01 yuan in 2025 and 1.22 yuan in 2026 [3]. Market and Business Outlook - The overseas business segment is expected to see significant growth following the easing of restrictions from previous agreements, particularly in the H3C brand and service revenue, which grew by 69.26% year-on-year [1]. - The report highlights that the domestic AI chip performance and production are expected to improve, leading to a rapid release of computing power demand in 2025 [1]. - The company’s inventory levels have increased significantly, with a 48.05 billion yuan rise, which may lead to accounting provisions for inventory losses [2]. Industry Context - The report notes that the overall computing power market in China is experiencing structural demand influences, with leading domestic companies showing varied growth rates [2]. - The report indicates that capital expenditures from domestic internet companies are on the rise, which may positively impact the company’s performance [2].